Inogen Inc Common Stock (INGN)

FairStock Score: 56/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn honest profits and sell at a sensible price. Inogen sells portable oxygen concentrators for chronic respiratory patients. Despite a useful product, the filed numbers do not yet show a durable economic moat. It has lost money in each of the last four years: fiscal 2023 net loss $102.4M, fiscal 2024 net loss $35.9M, fiscal 2025 net loss $22.7M. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $83.5M and net loss was $3.9M, or $0.14 per diluted share. Losses are narrowing, which is encouraging. The computed Lynch category is none, since losses occurred in each of the last four years. The Piotroski F-Score of 7/9, a FairStock calculation, suggests some fundamental improvement. But trailing free cash flow is -$9.7M and FCF yield is -5.8%, so the company still burns cash. Debt is modest at D/E 0.09, but Altman Z-Score 0.78 signals distress risk. At the 2026-10-13 close of $6.34 and a $168.3M market cap, FairStock puts P/B at 0.97, P/E at -6.97, ROE at -13.14%, and ROCE at -5.84%. Revenue has grown from $251.6M in fiscal 2023 to $295.3M in fiscal 2025, but profitability remains elusive. The stock trades near book value, which may seem cheap, but book value can erode if losses continue. This is a turnaround, not a proven compounder. I would require evidence of sustainable positive free cash flow and net income before calling it a margin-of-safety bargain.

In plain English: Inogen is a medical device company that makes portable oxygen machines for people with chronic breathing problems. The business is still losing money, though its losses have been getting smaller in recent years. At the current share price, it trades near the value of what the company owns minus what it owes, so the price looks neither clearly cheap nor clearly expensive without future profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer